Tesco PLC’s First Quarter Trading Statement 2018/19 was announced today covering 13 weeks ended 26 May 2018.
The supermarket chain delivered positive like-for-like sales growth for a tenth consecutive quarter. Group like-for-like sales grew by 1.8% and UK & ROI to 3.5%. Booker figures, consolidated from 5 March 2018, saw like-for-like sales rise by 14.3%
The period saw Tesco continued relaunch of over 10,000 own brand products, with 2,850 completed to date. There was further investment in price at the end of 1Q, focusing on the exclusive fresh food brands.
The firm made an essential step towards establishing a more sustainable non-food offer by closing Tesco Direct.
Booker ‘Joining Forces’ programme is well underway - good progress has been made towards accessing new growth opportunities with supplier partners. Some 3,000 Booker products are now fulfilled from Tesco Magor distribution centre and Tesco Middleton distribution centre to support Booker growth during the busy Summer trading period. There has been a positive initial response to ‘Chef Central’ at Bar Hill, with a second trial concept opened in Beckton.
Tesco saw a strong fresh food performance in Central Europe and Asia offset by specific market factors. Fresh food like-for-like sales growth of 1.0% in Central Europe and 4.5% in Asia.
Dave Lewis, Chief Executive, (pictured) said, “Our growth plans are on track and we are pleased with the momentum in the business. We remain well-placed to serve our customers better and deliver on our medium-term financial ambitions. We are delighted with initial progress on Booker, and are focused on delivering the synergy benefits that our merger brings.”